Only 54 per cent of business leaders and marketers cite ‘product marketing’ as a key business concern, according to a new study conducted by dunnhumby.
Whereas 73 per cent of those survyed listed ‘driving growth’ as a main business concern, followed by innovation (68 per cent), budget (58 per cent) and balancing affordability and profitability (63 per cent).
The report also reveals that long lead times are a key barrier to successful innovation, with 69 per cent naming this as a main hurdle to innovation, as well as budget constraints (52 per cent) and fear of failure (48 per cent).
Meanwhile, a third of companies surveyed are spending up to £500,000 on product innovation, while over half spend up to £1 million. More than 40 per cent of these companies are reinvesting up to 20 per cent profits into research and development.
